Mortgage & Market News, March 16th, 2012, Edmonton & Calgary

First Foundation`s Best Rates To Open The Week:

Term Rates
1 Year 2.89%
2 Year 3.05%
3 Year 2.99%
4 Year 3.29%
5 Year 3.25%
7 Year 3.99%
10 Year 3.89%

ARM / Variable 2.85%
Line of Credit 3.50%

Prime Rate 3.00%
Qualifying Rate 5.44%


Market News

The S&P/TSX composite index was ahead 104.33 points or 0.78 per cent on Tuesday to 12,141.92 as a successful Spanish bond auction eased worries about the European debt crisis.

Mortgage News

The Bank of Canada upwardly revised its forecast for growth in Canada to 2.4 per cent from two per cent in January.

It did so in announcing that it was maintaining its key lending rate at one per cent, while cautioning that “some modest withdrawal of the present considerable monetary policy stimulus may become appropriate.” The announcement means that prime rate should remain at 3.00% for now but some forecasters have moved their predictions for a rate hike from early 2013 to late 2012.